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Perspectives on lifetime income solutions as a QDIA

Does an annuity feature in a qualified default investment alternative (QDIA) benefit participants? John Croke, head of Vanguard's multi-asset product management, traveled to Washington to give his perspective before the 2018 ERISA Advisory Council on Employee Welfare and Pension Benefit Plans. His testimony stressed the limitations on participant and plan sponsor flexibility, modest participant demand for annuities, and the challenge of attempting to apply a one-size-fits-all solution to converting wealth into retirement income.